Other parts of this series:
Steering cyber-security spending into seven key areas can increase substantially the effectiveness of an organization’s digital defenses.
Effective cyber-security requires much more than just a big budget. The correct allocation of these funds is crucial to building successful defenses against the rising threat of cyber-attacks.
Most insurers, as I mentioned in an earlier blog post, are certainly taking cyber-security seriously. Often, however, the efficiency of their investment is weakened because it’s wrongly allocated. As a result, executives are likely to be over-confident about the ability of their organizations to defend themselves. Insurers experience, on average, close to three successful cyber-security breaches every month, the consequences of which can be devastating.
We’ve identified seven key areas where insurers can target their cyber-security spending to substantially strengthen their digital defenses. Only about a third of the executives we canvassed in a recent global survey were confident of their capabilities in any of these domains. It’s clear that most insurance companies are neglecting these critical investment areas.
Insurers should steer their cyber-security spending into the following:
Business alignment: Assess incident scenarios to determine how the business might be affected by cyber-security breaches to better align defenses.
Governance and leadership: Improve cyber-security accountability, monitoring and reporting throughout the organization.
Strategic-threat assessment: Investigate cyber-security threats to assess their potential impact on the organization’s business strategy.
Cyber-resilience: Ensure the organization is able to continue to perform well in the event of a cyber-attack.
Cyber-response readiness: Implement practices and procedures that enable the company to react effectively, and communicate with all necessary parties, when a cyber-security breach occurs.
Extended ecosystem: Establish cyber-security compliance and co-operation agreements with ecosystem partners.
Investment efficiency: Promote further improvements in the effectiveness of cyber-security through the efficient allocation of funding and resources.
A balanced set of investments into these domains will help insurers stay ahead of hackers, as well as other cyber-threats, and protect the business value of their organizations. On-going and holistic approaches to cyber-security will be vital to make sure that insurance providers maintain robust defenses that continue to match the rising menace of cyber-crime.
For further information about improving the effectiveness of cyber-security investments, take a look at this link. I think you’ll find it very useful.